Looking to diversify beyond DODIX? The mutual funds below have historically moved differently from DODIX, which may reduce portfolio volatility when combined in a suitable allocation. The stock ideas table highlights individual companies with the same low-correlation characteristics. Correlation can change and does not guarantee that one asset will rise when another falls.
Best Diversifiers for DODIX
32 mutual funds have low correlation with DODIX (below 0.3), 2 of which are negatively correlated. The least correlated is Fidelity Select Energy Portfolio (FSENX) (Energy Equities) with a 1Y correlation of -0.30, down from -0.06 over 5 years.
How candidates are selected| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| Fidelity Select Energy Portfolio | -0.30 | -0.09 | -0.06 | 87 | Energy Equities | DODIX vs FSENX | |
| Fidelity Floating Rate High Income Fund | -0.03 | 0.03 | 0.11 | 95 | Bank Loan | DODIX vs FFRHX | |
| AQR Long-Short Equity Fund Class N | 0.03 | -0.04 | -0.09 | 75 | Long-Short, Actively Managed | DODIX vs QLENX | |
| AQR Long-Short Equity Fund | 0.03 | -0.03 | -0.09 | 78 | Long-Short | DODIX vs QLEIX | |
| Vivaldi Merger Arbitrage Fund Class I | 0.08 | 0.05 | 0.03 | 99 | Event Driven | DODIX vs VARBX |
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Low-Correlation Stock Ideas
The table shows companies with at least $1B in market capitalization, historical correlation data for DODIX, and a Risk / Return Rank of 50 or higher. Treat them as research candidates rather than evidence that they will offset a future decline. The least correlated is ConocoPhillips Company (COP) (Energy) with a 1Y correlation of -0.39, down from -0.11 over 5 years.
How candidates are selected| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Sector |
|---|---|---|---|---|---|---|
| ConocoPhillips Company | -0.39 | -0.17 | -0.11 | 72 | Energy | |
| Chevron Corporation | -0.33 | -0.12 | -0.09 | 80 | Energy | |
| Exxon Mobil Corporation | -0.32 | -0.10 | -0.08 | 84 | Energy | |
| Occidental Petroleum Corporation | -0.31 | -0.12 | -0.09 | 70 | Energy | |
| BP p.l.c. | -0.30 | -0.12 | -0.09 | 84 | Energy |
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